It adds the Model Y will also be "a much simpler auto with respect to the electrical systems inside" and "built on an entirely new vehicle architecture platform".

But the company is not without its challenges.

The failed proposal had been introduced by a group of CT pension funds that's criticized Tesla for filling its board nearly entirely with members personally or professional tied to the Musk.

Tesla's reputation as being an industry disruptor is set to grow as it continues to diversify its electric auto range.

The first wave of customers will have only two choices for the mid-market electric vehicle, Musk said: "What color do you want, and what size wheels do you want?" Musk's brother, Kimbal, is a board member.

But shareholders sided with Tesla, which says its mission requires long-term strategic planning and three-year terms ensure that board members aren't distracted by short-term returns.

Pricing for the Model 3 will start at $35,000, while the most expensive versions should be in the $50,000 to $60,000 range.

Design: The Tesla Model 3 comes with a glass roof windshield, just like Model X. It is designed like a premium sedan and has the look and feel of one. The company's vehicles have often faced delays getting to market. It has faced manufacturing delays with previous models, including the latest Model X SUV which was almost 18 months late. "We made a mistake by trying to drive the Model X from the Model S platform", Musk said at the meeting today.

With BMW developing an all-electric X3, it also only makes sense for Tesla to put something out to compete. Most recently, the company raised $1.4 billion selling stock and convertible bonds.

Tesla hasn't even shown people the public the real Model 3 yet and it's already planning a vehicle to follow. Tesla is also looking to build a new factory, according to Musk, to support the production of the Model Y. That leaves many potential owners miles away from a service center.

The shadowy teaser image depicts a conventionally-shaped vehicle with a hood and swept-back windshield, and the top of what appears to be a new front fascia design.

RELATED NEWS

SFA rejected police attempts to move Scotland-England kick-off
But Snodgrass , who plays against those players every week in the English Premier League, says there is no reason to be afraid. He added: "Footballers have a short career and especially when you talk about qualification for the World Cup". 6/08/2017

US employers add modest 138K jobs; rate dips to 4.3 percent
The labor force tumbled by 429,000 people in May, while the household survey of employment showed a decrease of 233,000 people. Also, job growth in March and April combined were 66,000 less than previously reported, after the Bureau revised its figures. 6/08/2017

Analysts Update Their Price Target On Fastenal Company
The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link . On average, equities analysts expect that Fastenal Company will post $1.87 earnings per share for the current fiscal year. 6/08/2017

Coast Guard searching for man missing in North Carolina
A man was seen being walked off the jetty by a Salisbury firefighter after he got out of the water on the rocks about 6:30 p.m. The search resumed at sunrise Wednesday, but wound down after about two hours. "Not a good place to be", Souliotis said. 6/08/2017

Jets planning to release or trade Eric Decker
Bowles said the team and Harris , a second-round draft pick out of MI in 2007, had been discussing a salary reduction. Harris , 33, played in 137 of the last 138 games, having a previous streak of 121 consecutive games. 6/08/2017

The pros and cons of privatizing air traffic control
The president is proposing a private, non-profit company take-over of air traffic control over the course of the next three years. They point to the slow-going move from a radar-based system to one that uses GPS technologies as evidence of a need for change. 6/07/2017

Philippine police seek casino attacker's identity
His daughter had been on the second storey inside Resorts World and called him for help as she was choking from the smoke. Dela Rosa said there had been no reports of hostage taking, although the gunman had not yet been caught. 6/07/2017

Virender Sehwag Applies for Indian Cricket Team Coach Job
Agreed, Sehwag needs no introduction but when applying for India coach job, he should be professional and act accordingly. He took Twitter by a storm previous year as he wished his colleagues on their birthdays in the most Sehwag way possible. 6/07/2017